To view the PDF file, sign up for a MySharenet subscription.

STX40 - SATRIX 40 - Abridged audited results for the year ended 31 December 2011

Release Date: 30/03/2012 08:24
Code(s): JSE STX40
Wrap Text

STX40 - SATRIX 40 - Abridged audited results for the year ended 31 December 2011 SATRIX 40 A portfolio in the Satrix Collective Investment Scheme ("Satrix"), registered as such in terms of the Collective Investment Schemes Control Act, 45 of 2002 (the "Act")) JSE code: STX40 ISIN: ZAE000027108 ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011 STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2011 2011 2010 R R
Income Dividend income 178 555 364 137 426 180 Fee income: Securities lending 3 163 537 6 947 280 Other income 1 065 427 - Interest income 1 148 111 926 385 Total income 183 932 439 145 299 845
Fair value adjustments Realised gains on financial instruments 447 420 089 463 142 058 designated at fair value through profit or loss Unrealised (losses)/gains on financial (469 538 990) 398 601 380 instruments designated at fair value through profit or loss Total fair value adjustments (22 118 901) 861 743 438 Expenses Management fee (29 323 770) (27 363 001) Trustee and custodian fees ( 332 756) ( 663 024) Transaction costs (858 937) (1 163 168) Total operating expenses (30 515 463) (29 189 193) Increase in net assets attributable to 131 298 075 977 854 090 investors before distributions Income distributions (151 335 004) (117 095 244) (Decrease)/increase in net assets (20 036 929) 860 758 846 attributable to investors after distributions STATEMENT OF FINANCIAL POSITION at 31 December 2011 2011 2010 R R ASSETS
Listed equities designated held at fair 6 733 009 837 6 658 251 336 value through profit or loss Interest receivable 113 857 67 793 Securities lending fee receivable 307 532 299 980 Other receivables 1 594 137 6 850 770 Cash and cash equivalents 29 742 705 20 543 414 Total assets 6 764 768 068 6 686 013 293
LIABILITIES Distributions payable to investors 27 243 871 19 041 094 Other payables 3 784 999 10 073 473 Total liabilities (excluding net assets 31 028 870 29 114 567 attributable to investors) Net assets attributable to investors 6 733 739 199 6 656 898 726 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2011 Capital Income Net assets
attributable attributable attributable to investors to investors to investors R R R
Balance at 1 January 6 336 531 352 (368 018) 6 336 163 334 2010 Redemption of Satrix 40 (540 023 454) - (540 023 454) Securities Increase in net assets 861 743 438 116 110 652 977 854 090 attributable to investors before distributions Distributions to - (117 095 244) (117 095 244) investors Balance at 31 December 6 658 251 336 (1 352 610) 6 656 898 726 2010 Capital Income Net assets attributable attributable attributable to investors to investors to investors
R R R Creation of Satrix 40 821 226 143 - 821 226 143 securities Redemption of Satrix 40 (724 348 742) - (724 348 742) securities Increase in net assets (22 118 901) 153 416 976 131 298 076 attributable to investors before distributions Distributions to - (151 335 004) (151 335 004) investors Balance at 31 December 6 733 009 836 729 362 6 733 739 199 2011 STATEMENT OF CASH FLOWS for the year ended 31 December 2011 2011 2010
R R Net cash generated from operating 152 331 519 117 031 087 activities Cash utilised by operations (30 481 877) (28 555 956) Fee income: Securities lending 3 155 985 7 249 263 Interest received 1 102 047 911 600 Dividends received 178 555 364 137 426 180 Cash (outflow)/inflow from investing (96 877 402) 540 023 454 activities Purchase of underlying constituents (1 260 094 506) (505 620 073) Sale of underlying constituents 1 163 217 104 1 045 643 527 (46 254 826) (650 042 426) Cash outflow from financing activities Creation of Satrix 40 Securities 821 226 143 - Redemption of Satrix 40 Securities (724 348 742) (540 023 454) Cash distributed to security holders (143 132 227) (110 018 972) 9 199 291 7 012 115
Net movement in cash and cash equivalents Cash and cash equivalents at the 20 543 414 13 531 299 beginning of the year Cash and cash equivalents at the end of 29 742 705 20 543 414 the year SATRIX 40 SECURITIES During the year 29 000 000 (2010: nil) Satrix 40 securities were created at a value of R821 226 143 (2010: nil) and 25 000 000 (2010: 21 000 000) Satrix 40 securities were redeemed at a value of R724 348 742 (2010: R540 023 454). All creations and liquidations were in specie. Distributions The Portfolio effects quarterly distributions. All distributions are made out of income of the Satrix 40 Portfolio. The record dates are 25 March 2011, 24 June 2011, 23 September 2011 and 30 December 2011 respectively. During the year under review the following distributions were effected per Satrix 40 Security. 2011 2010 R R
9.54 cents per security Declared 25 March 2011 and paid 22 179 735 21 April 2011 7.88 cents per security Declared 26 March 2010 and paid 19 187 169 15 April 2010 16.98 cents per security Declared 24 June 2011 and paid 38 628 140 18 July 2011 11.47 cents per security Declared 25 June 2010 and paid 27 584 431 23 July 2010 26.82 cents per security Declared 23 September 2011 and paid 63 427 152 18 October 2011 21.23 cents per security Declared 23 September 2010 and paid 50 419 550 20 October 2010 11.52 cents per security Declared 30 December 2011 and paid 27 243 877 17 January 2012 8.19 cents per security Declared 31 December 2010 and paid 19 041 094 27 January 2011 Accrued income portion of NAV (143 900) 863 000 (paid)/received on creation/ redemption of securities Total distribution 151 335 004 117 095 244 Total Expense Ratio (`TER`) The TER is a standard measure used by the Collective Investment Scheme (`CIS`) industry to illustrate costs of portfolios on a comparable basis. The TER includes the management fee, audit fees, bank charges, custodian fees, costs related to securities lending and taxes.
The Satrix 40 Portfolio had a TER of 45.60 (2010: 45.60) basis points (annualised) for the period 1 January to 31 December 2011. The ratio is calculated based on the Association for Savings and Investments South Africa (`ASISA`) standard and does not include the cost of acquiring assets. Increased consumer demand for greater transparency in financial services and the recognition thereof by the collective investment industry requires managers to calculate and publish a total expense ratio for each Portfolio under their management. This is a requirement in terms of the ASISA standard on the calculation and publication of total expense ratios. Actual Expense Ratio (`AER`) The Satrix 40 Portfolio had an AER of 43.32 (2010: 36.18) basis points (annualised) for 2011, as determined by the Management Company. The AER is calculated using total management expenses of the Portfolio, including management fees, audit fees, bank charges, custodian fees, brokerage, securities lending costs and taxes less the income derived from securities lending activities. The Portfolio engages in securities lending with the sole aim of reducing the net expenses of managing the Satrix 40 Portfolio and in this way the income from securities lending proves beneficial to all holders of Satrix 40 Portfolio. Statement of compliance The financial statements are prepared in accordance with International Financial Reporting Standards (`IFRS`) issued by the International Accounting Standards Board (`IASB`), the AC500 Standards issued by the Accounting Practices Board and in accordance with the requirements of the Collective Investment Schemes Control Act of South Africa (`CISCA`), in order to meet the requirements of the Trust Deed approved by the Financial Services Board. Functional and presentation currency These financial statements are presented in South African Rand, which is the Portfolio`s functional currency. Accounting policies The financial statements incorporate the principal accounting policies that are consistent with those adopted in the previous financial year. Forthcoming requirements New standards and interpretations not yet adopted A number of standards, amendments to the standards and interpretations are not effective for the year ended 31 December 2011, and have not been applied in preparing these financial statements. All standards and interpretations issued but not effective for the year ended 31 December 2011 have been considered. Except for the IFRS 13 and IFRS 10, none of these are expected to have a significant effect on the recognition and measurement of the amounts recognised in the financial statements of the Portfolio. Standard/Interpretation Effective date IFRS 7 amendment Disclosures - Transfers of Annual periods beginning Financial Assets on or after 1 July 2011 IFRS 1 amendment Severe Hyperinflation and Annual periods beginning Removal of Fixed Dates for on or after 1 July 2011 First-time Adopters
IAS 12 amendment Deferred tax: Recovery of Annual periods beginning Underlying Assets on or after 1 January 2012 IAS 1 amendment Presentation of Financial Annual periods beginning Statements: Presentation of on or after 1 July 2012 Items of Other Comprehensive Income IAS 19 amendment Employee Benefits: Defined Annual periods beginning benefit plans on or after 1 January 2013 IAS 27 Separate Financial Statements Annual periods beginning (2011) on or after 1 January
2013 IAS 28 Investments in Associates and Annual periods beginning Joint Ventures (2011) on or after 1 January 2013
IFRS 10 Consolidated Financial Annual periods beginning Statements on or after 1 January 2013 IFRS 11 Joint Arrangements Annual periods beginning on or after 1 January 2013 IFRS 12 Disclosure of Interests in Annual periods beginning Other Entities on or after 1 January
2013 IFRS 13 Fair Value Measurement Annual periods beginning on or after 1 January 2013
IFRS 9 (2009) Financial Instruments Annual periods beginning on or after 1 January 2015 IFRS 9 (2010) Financial Instruments Annual periods beginning on or after 1 January 2015 Audit report KPMG Inc, the entity`s independent auditors, has audited the annual financial statements of the Satrix 40 Portfolio from which the abridged results contained in this announcement have been derived, and has expressed an unmodified audit opinion on the annual financial statements. Their audit report is available for inspection at the registered office of Satrix Managers (Pty) Limited, First Floor, Three Exchange Square, 87 Maude Street, Sandown. A full copy of these financial statements is available on the Satrix website www.satrix.co.za. 30 March 2012 Sponsor Vunani Corporate Finance Trustee ABSA Bank Limited Manager Satrix Managers (Proprietary) Limited Date: 30/03/2012 08:24:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Share This Story